Oaktree Discloses 5.12% Stake in Nabors (NBR) Including 71,935 Convertibles

Rhea-AI Filing Summary

Oaktree entities filed a Schedule 13G reporting shared ownership of 809,047 common shares of Nabors Industries Ltd, equal to 5.12% of the class. The amount represents 737,112 issued common shares plus 71,935 common shares issuable upon redemption of convertible bonds, calculated on a base of 15,736,950 common shares outstanding as of June 30, 2025. The filing shows no sole voting or dispositive power and shared voting and dispositive power of 809,047 shares. The report lists the reporting parties as Oaktree Capital Holdings, LLC; Oaktree Capital Group Holdings GP, LLC; and Oaktree Capital Management, L.P., and is signed on October 6, 2025.

Positive

• Clear, compliant disclosure of ownership and voting/dispositive powers by Oaktree entities
• Quantified convertible exposure (71,935 shares) included in the ownership calculation

Negative

• Material stake above 5% (5.12%) could attract investor scrutiny
• Shared control only — no sole voting or dispositive power disclosed, limiting direct influence

Insights

Investment Governance Expert

Oaktree discloses a >5% passive stake with shared control and convertible-related holdings.

Shared voting and dispositive power over 809,047 shares indicates coordinated ownership among affiliated entities rather than an individual controlling investor. The filing explicitly reports 0 sole voting or dispositive power, which aligns with a pooled-fund or advisory arrangement.

Key dependencies include the 71,935 shares issuable on conversion of bonds; monitor whether those convertible instruments convert or are redeemed, as they are the only stated near-term source of additional common shares in the reported amount.

Equity Analyst

Ownership equals 5.12% based on a 6/30/2025 share base; dilution from convertibles is quantified.

The reported 5.12% stake is calculated using 15,736,950 shares outstanding plus the 71,935 convertible-related shares. That makes the holding material enough to trigger disclosure rules but not a controlling position.

Watch for any future amendments or Schedule 13D activity if the stake, convertibles, or voting arrangements change; additional filings would show whether the position becomes active beyond passive investment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

NABORS INDUSTRIES LTD

(Name of Issuer)

Common Shares

(Title of Class of Securities)

G6359F137

(CUSIP Number)

09/29/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G6359F137

1

Names of Reporting Persons

Oaktree Capital Holdings, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 809,047.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 809,047.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

809,047.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.12 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Represents 737,112 common shares and 71,935 common shares issuable upon redemption of convertible bonds. Calculated based on 15,736,950 Common Shares outstanding as of June 30, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q filed on August 1, 2025, and as increased by 71,935 common shares issuable in respect of convertible bonds.

SCHEDULE 13G

CUSIP No. G6359F137

1

Names of Reporting Persons

Oaktree Capital Group Holdings GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 809,047.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 809,047.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

809,047.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.12 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Represents 737,112 common shares and 71,935 common shares issuable upon redemption of convertible bonds. Calculated based on 15,736,950 Common Shares outstanding as of June 30, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q filed on August 1, 2025, and as increased by 71,935 common shares issuable in respect of convertible bonds.

SCHEDULE 13G

CUSIP No. G6359F137

1

Names of Reporting Persons

Oaktree Capital Management, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 809,047.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 809,047.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

809,047.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.12 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Represents 737,112 common shares and 71,935 common shares issuable upon redemption of convertible bonds. Calculated based on 15,736,950 Common Shares outstanding as of June 30, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q filed on August 1, 2025, and as increased by 71,935 common shares issuable in respect of convertible bonds.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: NABORS INDUSTRIES LTD
(b)	Address of issuer's principal executive offices: Crown House, Second Floor 4 Par-la-Ville Road, Hamilton, Bermuda, HM08
Item 2.
(a)	Name of person filing: This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to common shares. (i) Oaktree Capital Holdings, LLC ("OCH") (ii) Oaktree Capital Group Holdings GP, LLC ("OCGH") (iii) Oaktree Capital Management, L.P. ("OCM")
(b)	Address or principal business office or, if none, residence: 333 S. Grand Avenue, 28th Floor, Los Angeles, CA 90071
(c)	Citizenship: See response to Item 4 on the cover page.
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: G6359F137
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See response to Item 9 on cover page. The reported securities are held and managed by OCM on behalf of various funds and accounts including: Oaktree Value Opportunities Fund, L.P., Oaktree London Liquid Value Opportunities Fund (VOF), L.P., Oaktree Global Credit Fund, L.P., Oaktree Global Credit Plus Fund, L.P., Oaktree (Lux.) III - Oaktree Global Credit Fund, and Oaktree (Lux.) Global Convertibles Bond Fund. OCM is indirectly managed by OCH which is directly managed by OCGH. Accordingly, each of OCM, OCG, and OCGH may be deemed to share voting and dispositive power with respect to the reported securities. The filing of this Statement shall not be deemed an admission of beneficial ownership by any of the Reporting Persons for purposes of Section 13(d) or 13(g), or for any other purpose.
(b)	Percent of class: See response to Item 11 on the cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See response to Item 5 on the cover page.
	(ii) Shared power to vote or to direct the vote: See response to Item 6 on the cover page.
	(iii) Sole power to dispose or to direct the disposition of: See response to Item 7 on the cover page.
	(iv) Shared power to dispose or to direct the disposition of: See response to Item 8 on the cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The information set forth in Item 4a of this statement is hereby incorporated by reference into this Item 6.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Oaktree Capital Holdings, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren/ Managing Director
Date:	10/06/2025

Oaktree Capital Group Holdings GP, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren/ Managing Director
Date:	10/06/2025

Oaktree Capital Management, L.P.

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren/Managing Director
Date:	10/06/2025

Exhibit Information

Exhibit A - Joint Filing Agreement, dated as of October 6, 2025, by and among the Reporting Persons.

FAQ

What stake did Oaktree report in Nabors Industries (NBR)?

Oaktree reported beneficial ownership of 809,047 common shares, representing 5.12% of the class.

How is the 809,047 share total composed?

The total comprises 737,112 issued common shares plus 71,935 common shares issuable upon redemption of convertible bonds.

Does Oaktree have sole voting control over the shares?

No. The filing states 0 shares with sole voting power and reports 809,047 shares with shared voting power.

What share count was used to calculate the percentage ownership?

Percentage ownership was calculated using 15,736,950 common shares outstanding as of June 30, 2025, plus the 71,935 convertible-related shares.

When was the Schedule 13G signed?

The signatures on the filing are dated October 6, 2025.